All -

I have a HAFA short sale with SLS (1st) and SPS (2nd).

I have approval from SLS - the approval offers SPS 10% of UPP (which is $3300). SPS is demanding $12000 (HAFA MAX o junior lien). I renegotiated with SLS and they increased their offer to SPS up to 15% of UPP.

SPS is still declining the offer.

Any advice would be helpful.

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SLS seems to be a little slow out the gate. The new HAFA guidelines allow for $12,000 towards a 2nd lien or 10% (whichever is greater) (can anyone confirm?). That said, as long as the 12k is greater, SPS should be allowed that amount. I would go back to SLS and fight with them on this. I am thinking whoever you are speaking to at SLS is not aware of the updated guidelines. The tricky thing with SLS is that their negotiators are investor specific so you might be speaking to someone who doesn't specialize in HAFA short sales. Hoping this helps..

HAFA states:

In addition, per Section 6.2.4.2, up to $8,500 of gross sales proceeds may be paid to subordinate

mortgage lien holders in exchange for a release of the lien and full release of borrower liability.

This Supplemental Directive eliminates the aggregate cap that subordinate mortgage lien holders

may be paid and provides that servicers may establish an aggregate cap with regard to the

amount of gross sales proceeds such lien holders may be paid in exchange for a release of the

lien and full release of borrower liability, provided such cap is not less than $12,000. If the

servicer elects to establish an aggregate cap, the cap must be specified in both the servicer's

HAFA Policy and HAFA Matrix, as required under Sections 3.1 and 3.2, respectively.

So based on this SPS is right -they demanded $12000 as per HAFA rules - Am I reading this correctly?

Yes, you are. I think there are some negotiators who are unfamiliar with the new changes. I actually had a 1st (WF) come back to me yesterday stating that they wouldn't pay the 12k to the 2nd. Once I walked her through the recent changes, I received an approval with the 12k on there. 

I would call SLS back and get a manager on the phone. Probably would be your best bet. 

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